Top Developers Queue Up to Build Taller Structures Near Mumbai Metro Stations
Mumbai's real estate players are capitalizing on the amended policy allowing taller buildings near metro stations, with 31 queries from 13 developers received by MMRCL over the past year and a half.
MumbaiReal EstateMetro StationsFsiTodReal Estate MumbaiOct 18, 2025
Among the notable players showing interest are K Raheja Corp, Prestige Group, Suraj Estate Developers, and Valor Estate (formerly D B Realty).
The state urban development department amended the Development Plan in mid-2024 to include TOD along the underground aqua line, which connects Cuffe Parade in south Mumbai with Aarey near the Sanjay Gandhi National Park. The revised policy permits developers to get additional FSI, up to a maximum of five, for projects within a 500-metre radius of 10 stations on the aqua line. Additionally, 35% fungible FSI is allowed for rehabilitation projects. These projects are also eligible for direct subway access to metro stations under the scheme.
FSI, or Floor Space Index, represents the ratio of a building’s total floor area to the size of the plot on which it stands. In Mumbai, the maximum permissible FSI is four, depending on the location of projects and the width of roads. Fungible FSI refers to additional floor space that developers are allowed to construct free of charge in redevelopment projects.
The 10 stations along the aqua line for which FSI up to five can be availed under the amended policy are CSMIA T2, Sahar Road, Shitaladevi Metro, Dadar Metro, Siddhivinayak, Worli, Acharya Atre Chowk, Science Centre, Mahalaxmi, and Jagannath Shankar Seth.
Among the 31 queries received by MMRC, the majority are for projects near the Dadar, Worli, and Science Centre metro stations, with five queries each. Three queries each pertain to projects near the Shitaladevi, Siddhivinayak, and Acharya Atre Chowk metro stations, while two queries each pertain to projects around the Sahar Road, Mahalaxmi, and Jagannath Shankar Seth stations. One query pertains to a project near the CSMIA T2 metro station.
MMRC has not yet received formal applications from developers to avail additional FSI benefits, but memoranda of understanding would be inked once these applications are submitted, officials clarified.
“So far, we have only granted prior approvals to developers based on the location of proposed projects,” R Ramana, director of planning and non-fare box revenue, told Hindustan Times.
Among the prominent players showing interest, K Raheja Corp was issued a letter in August 2024, confirming that its redevelopment project near the Science Centre metro station was eligible for the scheme. The developer is executing the redevelopment of the Famous Studio. Similarly, Valor Estate and Prestige Group were issued letters confirming their projects along the Dr Elijah Moses Road were eligible for additional FSI.
Sukhraj Nahar, president of the apex real estate body CREDAI-MCHI, said the amended TOD policy was beneficial for both existing property owners and developers.
“Existing residents and commercial property owners who will be rehabilitated will stand to gain the most as they will get more carpet area compared to earlier. There are projects in south Mumbai where 100% additional carpet area on the existing space is being offered under this policy,” Nahar told Hindustan Times. “Developers too will see improved margins.”
Although the Mumbai Metropolitan Region Development Authority (MMRDA) and Mumbai Metro One Private Limited (MMOPL) began operating metro corridors before the commencement of the MMRC-owned underground aqua line, they have not received approval to allow developers to construct taller structures near metro stations.
Frequently Asked Questions
What is the Floor Space Index (FSI)?
FSI, or Floor Space Index, represents the ratio of a building’s total floor area to the size of the plot on which it stands. In Mumbai, the maximum permissible FSI is four, depending on the location of projects and the width of roads.
What is the Transit Oriented Development (TOD) scheme?
The TOD scheme allows developers to get additional FSI, up to a maximum of five, for projects within a 500-metre radius of 10 stations on the aqua line. It also includes 35% fungible FSI for rehabilitation projects and direct subway access to metro stations.
Which stations on the aqua line are eligible for the higher FSI?
The 10 stations along the aqua line eligible for higher FSI are CSMIA T2, Sahar Road, Shitaladevi Metro, Dadar Metro, Siddhivinayak, Worli, Acharya Atre Chowk, Science Centre, Mahalaxmi, and Jagannath Shankar Seth.
What benefits do existing property owners gain from the amended TOD policy?
Existing property owners who will be rehabilitated will gain more carpet area compared to earlier. In some projects in south Mumbai, 100% additional carpet area on the existing space is being offered.
Which developers have shown interest in the TOD scheme?
Prominent developers showing interest include K Raheja Corp, Prestige Group, Suraj Estate Developers, and Valor Estate (formerly D B Realty).
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